How to pay less for title insurance policies?

Answer:

There are several basic title insurance policies and
levels of coverage - lenders and owners title insurance policies and standard
or extended coverage. Extended coverage title insurance policies are usually
available through ALTA endorsements. Actually, ALTA policies are extended
owners title insurance policies.

Lenders title insurance policies are required on any
real estate transaction - purchase or refinance and the coverage is up to the
loan amount. Owners title insurance policies have to cover the whole purchase
price of the property.

How do you pay less for title insurance coverage?

If you use a single title insurer for both lenders and
owners title insurance policies, the title company will have to perform a
single search and title service costs will be incurred only once. Also,
sometimes it is possible to have a combined lender-owner title insurance
policy:

If the property costs $250,000 and you put $50,000
down the lender will need coverage for $200,000 and the borrower - for the
$50,000 equity they have in the property. This will significantly reduce the
overall cost for a title insurance policy.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.